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Q2 FY2022 Trading Update

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) is pleased to provide the following update on its 1H and Q2 FY2022 Trading performance:

  • Reaffirming 1H FY2022 Guidance: Group Revenue of $20.2 million to $21.2 million and Group EBITDA of $2.2m to $2.5m[1]
  • Strong financial position with consolidated net cash of $55.4 million and no debt at 31 December 2021
  • COVID-19: Varied operational impact with delays in delivery and decision-making partly offset by the ability to provide innovative customer solutions, highlighting diverse global footprint and product portfolio
  • Sustained momentum in sales order activity in the Technology Division through Q2 resulting in total sales orders of $4.9 million (year to date = $10.2 million)
  • Completion of a Global Framework Agreement for the supply of BQT products and services with dormakaba International Holding GmbH
  • Successful divestment of the Services division in October 2021, delivering cash proceeds of $41.9 million.

[1] 1H FY2022 guidance assumes no change to the exchange rate at 30 September 2021 with A$1 equal to US$0.74. 1H FY2022 guidance only includes an estimated contribution from the Services Division until 18 October 2021, reflecting the divestment date.

Q2 FY2022 confirmed Technology Division sales orders
During Q2 FY2022 the Technology Division received confirmed sales orders of $4.9 million, resulting in YTD sales orders of $10.2 million.  Order intake for Q2 continued Ava Risk Group’s recent market momentum and represents growth of 63% on the comparable period in FY2021 (42% growth on the prior YTD), driven by increased orders in FFT.

Pleasingly there has been significant growth in FFT sales order intake in the United States.  Total sales orders received in the U.S. during the first half of the year grew by more than 150% compared to the prior year, reflecting the additional investment that the Company has made in sales capability in North America.  Growth in order intake is also well balanced across key industry segments, with particular growth in military installations and solar farm applications.

At the completion of Q2, the Company carried a confirmed sales order backlog of $4.2 million (excluding the Indian Ministry of Defence (“IMOD”) contract).  The backlog reflects confirmed sales orders that are pending fulfillment.  The anticipated fulfillment of the sales orders is set out below:

The Company also maintains an order backlog under the IMOD contract for the licencing of further systems and fulfillment of a seven year maintenance program.  As advised via the ASX on 22 December 2021, due to COVID-19 related impacts, affecting the timing of certain government programs as well as extending global procurement times, the Company is not forecasting any material contribution to revenues in FY2022 from IMOD at this stage.

Global Agreement for the supply of BQT products and services to dormakaba International
At the end of December 2021 Ava Risk Group signed a Global Framework Agreement for the supply of products and services with dormakaba International Holding GmbH. Dormakaba is a global leader in the supply of security access control systems, locks and digital locking systems with sales representatives in 130 countries.

The agreement is effective from 1 January 2022 and enables BQT to sell its products in all jurisdictions in which dormakaba operates, including new markets in the United States and Europe.  An initial order for the provision of stock is expected by the end of January 2022.

Successful divestment of the Services division
As confirmed via the ASX on 19 October 2021, Ava Group completed the sale on its non-core Services division, Ava Global, to TTG Bidco Limited, an entity backed by funds advised by Phoenix Equity Partners (United Kingdom).

The Company received net cash proceeds of US$31.1 million (A$41.9 million) after closing adjustments and settlement of management incentives.  Financial results for the Services division prior to the divestment will be consolidated and reported in the Ava Group financial statements for the six months ending 31 December 2021.

Update on Return of Capital
The Company is still awaiting receipt of a draft Class Ruling from the Australian Taxation Office (“ATO”) prior to progressing the Return of Capital announced on 30 August 2021 and pursuant to Resolution 5 approved by the Shareholders at the Annual General Meeting on 28 October 2021. The Company will provide a further update in respect of the Return of Capital and associated timetable upon receipt of the formal response from the ATO.  The Company re-affirms its intention to distribute $39.2 million (circa 16 cents per share) to its shareholders.

Ava Group CEO Rob Broomfield commented: “During Q2, sales order intake remained strong underpinned by demand for FFT products and services.  COVID-19 continues to have some impact on both FFT and BQT, particularly on supply chains and access to international freight.  Nonetheless, the easing of travel restrictions in New South Wales resulted in an uplift in orders for BQT in November and we expect that momentum to continue into the second half of the financial year.

“Following the successful divestment of the Services Division in October 2021, the Group is focused on delivering its growth strategy in the Technology Division.  The sales opportunity pipeline is strong with a focus on recurring revenue, product licencing and Aura-IQ opportunities.  We continue to invest in our sales capability and the Global Framework Agreement with dormakaba opens access to new markets for BQT products.  Coupled with the existing sales order backlog, the Company is well placed to pursue growth in 2H FY2022.”

Ava Risk Group will release its financial results for the half year ending 31 December 2021 and outlook for the remainder of FY2022 on 25 February 2022.

ENDS

Approved for release by the Board of Directors.

For further information, please contact:

Investor Enquiries

Vanessa Beresford

Media Enquiries

Alexandra Abeyratne

Citadel-MAGNUS Citadel-MAGNUS
vberesford@citadelmagnus.com aabeyratne@citadelmagnus.com
+61 451 422 892 +61 438 380 057

About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates two business segments – Future Fibre Technology (FFT) and BQT Solutions (BQT).  FFT manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks.  BQT is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

Ava Risk Group signs Global Agreement with dormakaba

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) is pleased to advise that it has signed a Global Framework Agreement for the supply of products and services with dormakaba International Holding GmbH effective 1 January 2022.

The global agreement enables BQT to sell its products in all jurisdictions in which dormakaba operates, including new markets in the United States and Europe.  During FY21, BQT recorded sales of $0.5 million with dormakaba in Australia, New Zealand and Canada.  The Company expects to grow this opportunity significantly commencing 2H FY22.

With representatives in 130 countries, dormakaba is a global leader in providing security access control systems, locks, master key systems and digital locking mechanisms.  The agreement with Ava Risk Group is testament to the high quality products which BQT manufactures with particular emphasis being placed on the patented Cobalt range of locks which resolve sideload and misaligned door issues.

Commenting on the agreement, Ava Risk Group CEO Rob Broomfield said, “Signing the Global Framework Agreement with an international leader such as dormakaba is a significant milestone and supports our strategy of expanding into new markets with our leading risk management technologies.  Planning is well advanced to ‘launch’ BQT products in new markets in which dormakaba operates, as well as to support joint marketing initiatives.  Sales under the agreement are expected to commence from January 2022.”

ENDS

Approved for release by the Board of Directors.

For further information, please contact:

Investor Enquiries

Vanessa Beresford

Media Enquiries

Alexandra Abeyratne

Citadel-MAGNUS Citadel-MAGNUS
vberesford@citadelmagnus.com aabeyratne@citadelmagnus.com
+61 451 422 892 +61 438 380 057

 

About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates two business segments – Future Fibre Technology (FFT) and BQT Solutions (BQT).  FFT manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks.  BQT is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

1H FY2022 Guidance and Business Update

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) today provides the following updates:

1H FY2022 Guidance and Outlook
Ava Risk Group is pleased to re-affirm the management guidance for 1H FY2022, subject to unrealised foreign exchange variances, provided in its announcement of 28 October 2021, Q1 FY2022 Trading Update and Outlook.  It is noted that the 1H FY2022 guidance included an estimated contribution from the Services Division, Ava Global, prior to its divestment in October 2021.

Update on Return of Capital
The Company is still awaiting receipt of a draft Class Ruling from the Australian Taxation Office (“ATO”) prior to progressing the Return of Capital announced on 30 August 2021 and pursuant to Resolution 5 approved by the Shareholders at the Annual General Meeting on 28 October 2021.  Additional information has been provided to the ATO in support of Ava Risk Group’s application and the ATO has indicated that it is likely to formally respond to the Company’s application before the end of January 2022.

The Company will provide a further update in respect of the Return of Capital and associated timetable upon receipt of the formal response from the ATO.  The Company re-affirms its intention to distribute $39.2 million (circa 16 cents per share) to its shareholders.

Aura IQ Update
The Company continues to pursue significant commercial opportunities for Aura IQ, a conveyor health monitoring solution for mining houses and bulk material handling facilities.  Following completion of successful Proof of Value trials, key customers continue to progress internal approvals for the deployment of the technology.  Due to delays in customer approvals, the Company now expects to sign multi-year contracts for Aura IQ in early calendar year 2022.

IMOD
Following the highly successful licencing program for the Indian Ministry of Defence’s (IMOD) initial data protection program during FY20 and FY21, the Company maintains order backlog for further systems and will also fulfill a 7 year maintenance program.  Due to COVID-19 related impacts, effecting the timing of certain government programs as well as extending global procurement times, the Company is not at this stage forecasting any material contribution to revenues in FY22 from IMOD.

Q2 FY2022 Trading Update
Ava Risk Group CEO Rob Broomfield commented: “Following the successful divestment of Ava Global in October 2021, the technology division continues to focus on its sales pipeline development and conversion.  Demand for FFT products in the current quarter remained strong and the easing of COVID-19 related restrictions in New South Wales has resulted in improved sales for BQT.  We are seeing encouraging signs in the United States from the recent investments we have made in growing our sales capability, leaving the Company well placed to pursue growth in 2H FY2022.”

Ava Risk Group will provide a further Q2 FY2022 Trading Update on 20 January 2022.

ENDS

Approved for release by the Board of Directors.

For further information, please contact:

Investor Enquiries

Vanessa Beresford

Media Enquiries

Alexandra Abeyratne

Citadel-MAGNUS Citadel-MAGNUS
vberesford@citadelmagnus.com aabeyratne@citadelmagnus.com
+61 451 422 892 +61 438 380 057

 About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical and high value assets and infrastructure. It operates two business segments – Future Fibre Technology (FFT) and BQT Solutions (BQT).  FFT manufactures and markets ‘smart’ fibre optic sensing systems for security and condition monitoring for a range of applications including perimeters, pipelines, conveyors, power cables and data networks.  BQT is a specialist in the development, manufacture and supply of high security biometric readers, security access control and electronic locking products. Ava Risk Group products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world. www.avariskgroup.com

 

Ava Group FY2021 Results Presentation

Review presentation here

Capital Management Update

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) announced on 17 August 2021 the divestment of its Services Division, Ava Global. Following completion of the divestment and based on current cash balances, the Company is expected to hold circa $57.9 million in cash with no material debt.

As advised to the market, management and the Board of Ava Risk Group (“the Board”) have undertaken a review of the Company’s capital structure and capital management strategies. This review had a key focus on achieving the best return for Ava Risk Group shareholders, and at the same time, ensuring that the Company has an efficient capital structure and flexibility to pursue growth opportunities whilst maintaining its current credit metrics.

Following the completion of the divestment of the Services Division (refer to ASX announcement 17 August 2021 for further details), Ava Risk Group is expected to hold $40.2 million in excess capital. The Board’s intention is to use the excess capital to undertake the following capital management strategies:

  1. Capital Return to Shareholders: $39.2 million (circa 16 cents per share); and
  2. On-Market Buy Back: $1.0 million

The proposed capital return is subject to the Company obtaining a favorable Class Ruling from the Australian Taxation Office (“ATO”) in respect of the classification of the proposed capital return and obtaining shareholder approval. Based on feedback from advisors, the Board expects to be in a position whereby the formal proposal could be put before shareholders for approval at the Annual General Meeting (“AGM”), which is scheduled to be held on Thursday, 28 October 2021. Important details, including a timetable, will be provided in the Notice of Meeting in due course.

Depending on the results of the on-market buy back, and the surplus cash available to the Company, the amount allocated to the buy back may increase over time.

Reasons for the Proposed Return of Capital
The proposed Capital Return is being undertaken to return a portion of the Company’s excess capital equitably and efficiently to shareholders.

The Board has considered various options for returning excess capital to shareholders and determined that     a Capital Return, is the optimal method.

In summary, the Board is satisfied and considers that implementing the proposed Capital Return:

  • will leave the Company well-funded to pursue its strategic goals;
  • demonstrates the Board’s commitment to maintaining a strong and efficient balance sheet; and
  • will not materially prejudice the Company’s ability to pay its creditors, and therefore, is in the best interests of the Company and its shareholders.

ENDS

Approved for release by the Board of Directors.

For further information, please contact:

Investor Enquiries

Vanessa Beresford

Media Enquiries

Alexandra Abeyratne

Citadel-MAGNUS Citadel-MAGNUS
vberesford@citadelmagnus.com aabeyratne@citadelmagnus.com
+61 451 422 892 +61 438 380 057

 About Ava Risk Group
Ava Risk Group is a global leader in providing technologies and services to protect critical assets and infrastructure. Its Technology Division manufactures and markets ‘smart’ fibre optic sensing systems (Future Fibre Technologies) and high security access control and electronic locking products (BQT Solutions). Its Services Division provides secure logistics for high-risk valuables such as banknotes and precious metals (Ava Global Logistics). Its products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world.

Forward Looking Statements
Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.

All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.

All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.

To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward-looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.

Ava Risk Group reports strong FY2021 results

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) announces its results for the year ended 30 June 2021. Key highlights include:

  • Revenue and other income increased by 41% to $65.0m
  • EBITDA improved by 116% to $16.0m
  • NPAT improved by 178% to $13.7m
  • Net operating cash flow increased by 195% to $17.6m
  • Cash as at 30 June 2021 of $17.3m with no debt
  • Announced divestment of Ava Global Logistics for net cash proceeds of US$31.1m
    (~A$42.4m) with expected completion by the end of October 2021

Note: Growth percentages are based on comparing FY2021 to FY2020 results unless otherwise indicated.

Review full announcement, Appendix 4E and FY2021 Annual Report

Ava Risk Group CEO, Rob Broomfield, said: “Since acquiring MaxSec Group in December 2017, Ava Risk Group has been delivering consistent growth and moved into profitability over the past two years. We are really pleased with the crystallisation of value achieved from the Services Division, Ava Global, and the strong net cash return from the divestment – 587% over five years. We are also seeing strong returns from the Technology Division, both in top line growth and operational efficiencies, which is providing us with the capability to execute on future growth initiatives.

“Looking ahead, we are optimistic about our technology businesses – FFT and BQT – which together reported FY2021 revenue of $24.7 million and EBITDA of $8.3 million, up 17% and 64%, respectively. The increased momentum noted in the fourth quarter has continued into the current quarter, and new orders are building on the $4.3 million of FY2021 backlog. In addition to these new orders, we have already received over half of the $1.5 million of contracts expected in FY2021 but delayed. Furthermore, we have a very strong pipeline of sales opportunities in our existing markets, and a growing pipeline in new markets, including our mining conveyor solution Aura IQ.

“Extrapolating this increased momentum, and the recent progress on growth initiatives, as well as the recent senior appointment in the world’s largest security market – Jim Viscardi as VP of the Americas – management is confident of further growth in technology through FY2022.

“Importantly, we are looking beyond FY2022 to fulfil our vision of being a global leader in actionable, intelligent data streams that protect and optimise critical assets – by leveraging our partnerships, growing recurring revenue and leveraging our scalable model. We have a great team behind us, a strong network of partners, an exceptional customer base and ended the year in a robust financial position.”

Notice of FY2021 Result and Conference Call

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) will release its financial results for the year ended 30 June 2021 on Monday, 30 August 2021.

Ava Risk Group is a global leader in risk management services and technologies through Future Fibre Technologies (FFT) and BQT Solutions (BQT) and a provider of international secure logistics services via Ava Global Logistics.

Following the release of the result, CEO Rob Broomfield and CFO Leigh Davis will host a conference call at 11am AEST.

To register for the call, please follow the link below.

Date & Time: Monday 30 August 2021 at 11am AEST

 

Registration link: https://s1.c-conf.com/diamondpass/10015779-hs73nw.html

 For further information, please contact:

Investor Enquiries

Vanessa Beresford

Media Enquiries

Alexandra Abeyratne

Citadel-MAGNUS Citadel-MAGNUS
vberesford@citadelmagnus.com aabeyratne@citadelmagnus.com
+61 451 422 892 +61 438 380 057

About Ava Risk Group

Ava Risk Group is a global leader in providing security technologies and services to protect critical assets and infrastructure. Its Technology Division manufactures and markets ‘smart’ fibre optic sensing systems (Future Fibre Technologies) and high security access control and electronic locking products (BQT Solutions). Its Services Division provides secure logistics for high-risk valuables such as banknotes and precious metals (Ava Global Logistics). Its products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world.

 

Ava Risk Group to Divest Services Division

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) today confirms that it has entered into a Sale and Purchase Agreement (“SPA”) with TTG Bidco Limited (“Buyer”), an entity backed by funds advised by Phoenix Equity Partners Limited (United Kingdom), to divest its non-core Services Division, Ava Global DMCC-LLC (“Ava Global”) (“Transaction“):

  • Sale price of US$46.4 million (A$63.1 million) with anticipated net cash proceeds of US$31.1 million (A$42.4 million) after closing adjustments, and payment of management incentives and FY2021 accrued bonuses
  • Net cash investment return to Ava Risk Group of circa 587%
  • Expected completion by the end of October 2021
  • Post divestment of Ava Global, Ava Risk Group comprises of leading security technology and sensing solution providers Future Fibre Technologies and BQT Solutions

Ava Risk Group CEO Rob Broomfield said: “We are pleased to crystallise our return on investment from Ava Global by implementing this Transaction. From a peak funding investment of US$5.3 million, Ava Risk Group will have received more than US$36.4 million (A$49.6 million) in cash from our Services Division, a net cash return of some 587% over approximately five years. The sale will allow management to fully focus on the Technology Division, growing recurring revenue and expanding into new markets and applications. An update of our growth strategy and policies around surplus cash will be provided when we report FY2021 results on 30th August.”

On behalf of the Ava Risk Group Board, Chairman David Cronin said, “We congratulate Chris Fergus and his management team at Ava Global for achieving an outstanding result for their stakeholders and wish them the very best in the next phase of their growth journey with the Buyer.”

Review ASX announcement here

Chief Financial Officer Appointment and Resignation

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) today advises that Group Chief Financial Officer & Company Secretary Leigh Davis has resigned and will leave the Company on 3 November 2021. Replacing Mr Davis in November will be Neville Joyce.

Ava Risk Group CEO Rob Broomfield said: “We would like to extend our sincere thanks to Leigh for the significant contribution he has made to Ava Risk Group over the past six years, in particular his management and leadership during the Company’s IPO in 2015 and our merger with MaxSec Group Limited during 2017. We wish him well with his decision to pursue a new career opportunity.”

We are pleased to be welcoming Neville Joyce, currently Senior Vice President Group Chief Financial Officer of Redflex Holdings Limited. In addition to his five years with Redflex, Mr Joyce brings extensive experience in leadership, management and strategic financial analysis having held senior finance positions with Origin and Energy Australia. Mr Joyce holds a Bachelor of Business and is CPA (Australia) qualified.”

On behalf of the Board, Chairman David Cronin thanked Mr Davis for his many years of service and for his contribution to the transformation of Ava Risk Group into the global, profitable company it is today. The Board welcomes Mr Joyce and is looking forward to benefiting from his ASX CFO experience as the Company enters its next phase of globalisation and growth.

ENDS

Approved for release by the Board of Directors.
For further information, please contact:

Investor Enquiries

Vanessa Beresford

Media Enquiries

Alexandra Abeyratne

Citadel-MAGNUS Citadel-MAGNUS
vberesford@citadelmagnus.com aabeyratne@citadelmagnus.com
+61 451 422 892 +61 438 380 057

About Ava Risk Group
Ava Risk Group is a global leader in providing security technologies and services to protect critical assets and infrastructure. Its Technology Division manufactures and markets ‘smart’ fibre optic sensing systems (Future Fibre Technologies) and high security access control and electronic locking products (BQT Solutions). Its Services Division provides secure logistics for high-risk valuables such as banknotes and precious metals (Ava Global Logistics). Its products and services are trusted by some of the most security conscious commercial, industrial, military and government clients in the world.

Forward Looking Statements
Information in this release is for general information purposes only. Certain statements in this document regarding the Company’s financial position, business strategy and objectives, contain forward-looking statements (rather than being based on historical or current facts) and as such, are not able to be verified.

All forward-looking statements are based on the current views of the Company’s management as well as reasonable assumptions made by, and information currently available to the Company’s management. Forward-looking statements are inherently uncertain and must be read accordingly. There can be no assurance that some or all of the underlying assumptions will prove to be valid. If assumptions are invalid this is likely to have an impact on the accuracy of the statement itself.

All data presented in this document reflects the current views of the Company with respect to future events. Forward-looking statements are subject to a variety of risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Forward looking statements are also subject to external matters outside the control of the Company.

To the maximum extent permitted by law, the Company, its officers, employees and agents do not assume any obligation to release any updates or revisions to the information (including any forward-looking statements) in this presentation to reflect any change to expectations or assumptions; and disclaim all responsibility and liability for any loss arising from reliance on this presentation or its content.

FY2021 Trading Update & Outlook

  • Group Revenue forecast of $64.8m, above the guidance of $60-64m provided on 12 May 2021
  • Group EBITDA forecast of $14.8-15.8m, above the guidance of $13-$15m provided on 12 May 2021
  • Group Revenue forecast of $64.8m, up 41% on pcp[1] (FY20 $46.1m)
  • Group EBITDA forecast of $14.8-15.8m, up 100-114% on pcp (FY20 $7.4m)
  • Group EBITDA margin forecast of 23-24% compared to 16% in pcp
  • Strong financial position with consolidated net cash forecast of $17.0m and no debt

NB:  All figures compare 12 months to 30 June unless otherwise indicated; FY21 forecasts are unaudited and in A$m

Ava Risk Group Limited (ASX: AVA) (“Ava Risk Group” or “the Company”) today provides a trading update for the year ended 30 June 2021. FY2021 audited results will be reported on 30 August 2021.

Review FY2021 Trading Update & Outlook

Ava Risk Group CEO Rob Broomfield said: “We are pleased to report forecast FY2021 revenue and EBITDA at the top end of our guidance range, showing strong revenue and profit margin growth. Q4 FY2021 saw substantial growth in revenue and orders due to increased demand for remote services and technology to access devices, upgrades and maintenance support. The strong Q4 performance from the Technology Division was due to a pick-up in sales and orders from delayed COVID-19 deals – providing a solid foundation for FY2022. The Services Division continues to outperform as it has adapted to COVID-19 restrictions to ensure delivery of valuable goods for customers.

[1] Previous corresponding period